Joby Aviation (NYSE:JOBY) Shares Down 3.1% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shares traded down 3.1% on Tuesday . The company traded as low as $9.77 and last traded at $10.0280. 23,445,613 shares traded hands during mid-day trading, a decline of 15% from the average session volume of 27,629,400 shares. The stock had previously closed at $10.35.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their target price on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating on the stock in a report on Thursday, February 26th. Wall Street Zen upgraded shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Morgan Stanley decreased their price objective on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 6th. Canaccord Genuity Group decreased their price objective on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a research note on Thursday, May 7th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price objective on shares of Joby Aviation in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $13.06.

Joby Aviation Stock Performance

The company’s 50 day moving average price is $9.30 and its 200-day moving average price is $11.79. The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06. The company has a market cap of $10.24 billion, a PE ratio of -9.05 and a beta of 2.61.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.09. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. The company had revenue of $24.25 million during the quarter, compared to analyst estimates of $20.17 million. During the same quarter last year, the business posted ($0.11) EPS. Equities research analysts anticipate that Joby Aviation, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Didier Papadopoulos sold 12,965 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $8.15, for a total value of $105,664.75. Following the completion of the transaction, the insider directly owned 147,678 shares of the company’s stock, valued at approximately $1,203,575.70. This trade represents a 8.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gregory Bowles sold 11,530 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $9.62, for a total transaction of $110,918.60. Following the completion of the transaction, the insider directly owned 170,360 shares of the company’s stock, valued at approximately $1,638,863.20. This trade represents a 6.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,096,111 shares of company stock worth $10,504,153 in the last 90 days. 28.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of JOBY. Pier 88 Investment Partners LLC purchased a new stake in Joby Aviation in the third quarter worth about $635,000. DNB Asset Management AS grew its holdings in shares of Joby Aviation by 16.3% during the fourth quarter. DNB Asset Management AS now owns 366,281 shares of the company’s stock valued at $4,835,000 after buying an additional 51,344 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new stake in shares of Joby Aviation during the third quarter valued at approximately $2,830,000. Kingsview Wealth Management LLC grew its holdings in shares of Joby Aviation by 838.2% during the third quarter. Kingsview Wealth Management LLC now owns 96,759 shares of the company’s stock valued at $1,562,000 after buying an additional 86,446 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Joby Aviation by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock valued at $692,851,000 after buying an additional 2,540,382 shares during the last quarter. 52.85% of the stock is owned by institutional investors.

About Joby Aviation

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.